Just Earth News | @justearthnews | 22 Mar 2022, 11:59 pm Print
China Debt Trap Representational image from Wallpaper Cave
Beijing: A new research has found that the world’s poorest nations will pay China and its lenders almost $14 billion this year in debt servicing costs.
The research also urged Beijing to do more to support restructuring for those who need it.
In total, 68 such countries will pay $52.8 billion this year in debt costs, according to a report by the Green Finance & Development Centre at Fudan University in Shanghai as quoted by South China Morning Post.
More than a quarter of that will go to China, the report estimates, as Beijing is one of the largest lenders to developing nations, the newspaper reported.
At the end of 2020, the 68 nations collectively owed about $110 billion to various Chinese lenders in official bilateral debt, the report estimates, up from $105 billion in 2019. China was the largest single creditor after the World Bank’s International Development Association, the report says as quoted by South China Morning Post.
- Crypto laundering case: Bitcoin hacker Ilya Lichtenstein sentenced to five years in prison
- North Korean planning mass production of suicide attack drones: Reports
- Nigeria may see 33 million people facing hunger strike, alerts UN
- Pakistan: TikTok star Imsha Rehman deactivates account after facing backlash after alleged private videos leak
- Chinese convoy attack: Pakistani court sends mastermind and female aide to 10-day police remand
